Indian Rupee: In A Tight Range 07-Feb-2014

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RUPEE-goldsilverreportsThe Indian rupee inched marginally higher at commencement on Friday, February 07, 2014 tracking regional peers and positive local equities. The domestic currency opened up by 2 paise at Rs 62.36 against the US dollar and edged down to a low of 62.37 before inching up a high of 62.29 so far during the day. In the spot currency market, the Indian unit remained in a very tight range and was last seen trading at 62.37, down 0.02% as compared to previous close at 62.38.

Rupee gained the most in over a week on Thursday as the government’s move to scrap a bond auction led to hopes that the fiscal deficit will be contained, but caution prevailed ahead of U.S. jobs data. Today, the government will release advance estimates of economic growth for the year ended 31 March after 5.30pm.

Domestic benchmark indices edged higher in early trade as firmness in Asian stocks boosted sentiment. Asian shares regained some stability stepping further away from five-month lows after a strong night on Wall Street and hopeful signs an upcoming crucial U.S. jobs report will put aside some of the global growth concerns. At the time of writing, the S&P BSE Sensex was up 103.71 points or 0.51% to 20,414.45 while the CNX Nifty was up 24.60 points or 0.41% to 6,060.90.

In the global currency market, the American currency drifted slightly lower in early Asian trades today, as investors cautiously awaited the latest non-farm payrolls report for clues on the health of the U.S. labour market and the broader economy. The dollar index, which measures the US currency’s strength against major currencies, was trading at 80.867, down 0.05% from the previous close of 80.906.

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